(Bloomberg) A group of US Senators will introduce a bill that clarifies that individuals developing crypto wallets and blockchain technology are excluded from new reporting requirements.
The Senators, led by Finance Committee Chair and Oregon Democrat Ron Wyden and Republican Cynthia Lummis, say the proposed bill aims to protect American innovation. The Senators also say the bill will ensure that crypto traders pay the taxes they owe.
The bipartisan bill comes when President Joe Biden signed into law the $1.2 trillion infrastructure package, with new reporting requirements for cryptocurrencies. The bill will require crypto firms facilitating the transfer of digital assets to disclose the information of their users.
The infrastructure bill, now signed into law, has been criticized for being too broad and stifling developments in digital assets. Critics say software developers and miners will be forced to report data they do not have.
Attention now turns to whether the crypto reporting bill would be included in other end-of-year legislative packages or if it will be voted in the house as a standalone law.
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